Bank Danamon and BNP are Official Mergers

PT Bank Danamon Indonesia Tbk (BDMN) and PT Bank Nusantara Parahyangan Tbk (BNP) will officially conduct a merger. This was announced by the company through the disclosure of its information.

Quoting information disclosure, Tuesday (1/22/2019), each of the directors of Bank Danamon Indonesia and BNP also gave an opportunity to its creditors if anyone objected then could submit their objections in writing.

Each creditor may submit a written objection to the merger to the board of directors until February 25, 2019. If it does not submit until that date it is deemed agreed to the merger.

Yesterday, the BDMN and BNP asked the IDX to temporarily freeze their shares. This was to maintain a fair, orderly and efficient stock trade, after the issue of business merger was crowded.

The merger of the two banks was carried out because they both have the same controlling shareholder, MUFG Bank Ltd.

As is known, Mitsubishi UFJ Financial Group (MUFG) has officially increased its share ownership in Bank Danamon Indonesia. This Japanese company finally controlled 40% of Danamon’s shares and became the controlling shareholder.

While MUFG Bank directly has a 7.91% stake in BNP. MUFG Bank also holds shares of BNP through its subsidiary ACOM CO.Ltd which holds 67.59% of BNP’s shares. (das / ara)